Thanksgiving is one of my favorite holidays, especially in years like 2020. It’s the time that we are truly encouraged to pause and reflect on everything around us - our family, friends, our blessings and our challenges. Even when things seem bad, there are things to be thankful for.
I prefer to think of things as the “next normal”. The biggest reason is that it acknowledges the fact that the world is always evolving. Things are always changing. I’ve heard some refer to it as creative destruction.
I’ve had a few questions after my Friday Thoughts a few weeks ago about when I think we’ll get through the economic issues caused by the shutdowns in reaction to the virus. Unfortunately, there’s no way to know when we “get back to normal”. I think its more likely that we never get back to where we were, but will have deal with some large scale changes to how we live, work, and socialize going forward. I’d like to share my thoughts on some of the issues we’re likely to face, economically, in the near term. I’ll try to share some of my thoughts of what things could look like in the long term next week.
Last fall I attended a symposium for financial advisors hosted by one of the money managers that I use. It was a great event and I left with so many ideas about how I can be better at what I do. After that event, I vowed to make every effort to attend at least one conference a year from now on. Little did realize that conferences like that were going to be a rarity in 2020.
Last week, I wrote about the lessons I learned coming out of the Tech Bubble Burst / September 11th recession. This week, I’ll follow up with lessons from the Financial Crisis.
We are all aware of how unprecedented these times are. But as Mark Twain once famously said, “History may not repeat itself, but it sure does rhyme.”